Not much not to like under the circumstances of this last quarterly report:
Sales were down on the previous quarter, mainly due to the Transnet strike, which affected logistics and sales. Sufficient port and
mine stocks were available to support the desired sales levels had the rail capacity been available. The Transnet strike lasted for
two weeks and ended on 20 October 2022, with volumes impacted for a further week while capacity was ramped back up.
Low grade sales remain suspended at Tshipi’s election, due to relatively low manganese prices.Logistics capacity planned for
these volumes have been utilised to move high grade ore.
Notwithstanding lower sales during the November 2022 quarter, Tshipi is on track to achieve sales in the order of 3.4 million tonnes
for the full 2023 financial year, which is in line with historical norms fortotalore sales (i.e. high grade and low grade combined).
This year will therefore represent a record level of high grade ore sales for Tshipi.The mine has, in previous years, sold around
3mtpa of high grade ore.
CORPORATE AND FINANCIAL
Tshipi recorded an EBITDA of A$47.5 million and NPAT of A$30.2 million for the quarter, a decrease on the previous quarter
(A$87.7 million and A$54.9 million, respectively). The decrease was due to lower sales volumes quarter on quarter (Transnet strike
in the November 2022 quarter and higher than budget sales in the August quarter) and a lower manganese price in the November
2022 quarter.
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